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Newton approves 50-year lease, $1.5 million parking investment to secure Delco IV mixed-use project
Summary
Newton City Council unanimously approved an Economic Development Agreement and long-term lease with Delco IV, LLC on April 1, 2025, committing the city to a $1.5 million investment in parking and leasing city property for 50 years (renewable) to support an estimated $24 million mixed commercial/multi-family project.
Newton City Council voted unanimously April 1 to approve an Economic Development Agreement and a 50-year lease with Delco IV, LLC to support a proposed mixed commercial and multifamily project at the former Corriher Implement Company site in downtown Newton.
City Manager Sean Hovis told the council the developer is proposing roughly 102 residential apartments, a restaurant and associated amenities, and that the full project would equate to at least $24 million in capital investment. Hovis said the city will acquire an adjacent U.S. Postal Service…
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